Hoyer: Americans Won't Be Fooled by the Republican Social Security Shell Game

For Immediate Release:

June 24, 2005

Contact Info:

Stacey Farnen Bernards

WASHINGTON DC – House Democratic Whip Steny Hoyer (MD) made the following statement today at a press conference with members of the House Democratic leadership.

“The latest Republican proposal is privatization – pure and simple.

“It is nothing new. It is nothing different.

“The American people have resoundingly rejected the Republican Party’s attempt to privatize Social Security.

“So in an act of sheer desperation, Republicans gambled this week that they could fool America with a Social Security shell game.

“The American people are not going to be fooled.

“Just like every privatization proposal put forward this year, this latest scheme would divert Americans’ contributions to Social Security to private accounts.

“It would cut Americans’ guaranteed Social Security benefits.

“And it wouldn’t work. This year, taking the entire social security surplus would provide about $400 per worker to put in an account. In ten years, there would be enough money for $40 per worker. Then the funding for these phony private accounts would disappear.

“For all intents and purposes, this scheme is just like the president’s privatization proposal.

“And it exposes once and for all the Republicans’ primary reason for engaging in the Social Security debate: to privatize Social Security.

“If Republicans’ real goal was to save Social Security – which is Democrats’ sole focus – they would have dropped their stubborn allegiance to private accounts months ago and joined us at the negotiating table.

“Democrats are waiting – but we refuse to join in the Republican Social Security shell game that does nothing to save Social Security.”